2 May 2024 current affairs

2 May 2024 current affairs


National news:

DRDO Successfully Tests SMART Missile System for Indian Navy

  • The SMART (Supersonic Missile Assisted Release of Torpedo) system, developed by DRDO, underwent successful testing on May 1, 2024.
  • The test was conducted from Dr APJ Abdul Kalam Island, off the coast of Odisha, validating state-of-the-art mechanisms like symmetric separation, ejection, and velocity control.
  • Defence Minister Rajnath Singh and DRDO chief Dr Samir V Kamat praised the efforts of the SMART team.
  • SMART system is designed to enhance the Indian Navy’s anti-submarine capabilities with its lightweight torpedo delivery system.


  • Established: 1958
  • Function: Leading research and development establishment under the Ministry of Defence, Government of India.
  • Mission: Develop advanced defence technology to achieve self-reliance in weapon systems for Indian armed forces.
  • Achievements:
    • Developed missiles like Agni, Prithvi.
    • Designed aircraft like Tejas.
    • Created main battle tank Arjun, multi-barrel rocket launcher Pinaka.
    • Developed air defence system Akash, various radars, and electronic warfare systems.
  • Chairman: Dr. Samir V Kamath

Ministry of Parliamentary Affairs Observes Swachhata Pakhwada:

  • The Ministry of Parliamentary Affairs celebrated Swachhata Pakhwada from April 16th to 30th, 2024, in alignment with the Swachhata Pakhwada calendar for 2024 released by the Department of Drinking Water & Sanitation, Government of India.
  • Activities included administering the ‘Swachhata Pledge’, conducting cleanliness drives, reviewing and weeding out old physical files, identifying obsolete items for auction, and maintaining cleanliness in ministry offices located in Samvidhan Sadan.
  • Students of Kerala Senior Secondary School, Vikaspuri, were administered the Swachhata Pledge to promote awareness and a culture of cleanliness, accompanied by an essay competition where winners received cash prizes and certificates.

Government Proposes New Explosives Law:

  • Department for Promotion of Industry and Internal Trade (DPIIT) seeks feedback on the proposed Explosives Bill 2024 to replace the outdated Explosives Act of 1884.
  • Aimed at enhancing ease of doing business, the draft bill proposes increased fines for violations and streamlining of licensing processes.
  • Proposed changes include empowering the Central Government to designate authorities for granting licences and specifying quantities of explosives for licences.
  • Penalties for violations include imprisonment of up to three years and fines of up to Rs 1 lakh, replacing the existing Rs 50,000 fine and three-year imprisonment.

International news:

UN’s First International Conference on Digital Public Infrastructure Held Under India’s Leadership

  • India leads the United Nations’ First International Conference on Digital Public Infrastructure (DPI) to leverage technology for Sustainable Development Goals (SDGs) and inclusivity.
  • Hosted by India’s Permanent Mission to the UN and the Ministry of Electronics and Information Technology, in collaboration with iSPIRT.
  • Aims to explore global implementation of digital public infrastructure, bringing together global leaders, technology innovators, and policy experts.

India to Host 46th Antarctic Treaty Consultative Meeting:

  • India to host ATCM (Antarctic Treaty Consultative Meeting ) 46 and CEP 26 from May 20 to 30, 2024, in Kochi, Kerala, organized by the National Centre for Polar and Ocean Research.
  • Expected attendance of over 350 delegates from 60+ countries.
  • Forum to discuss environmental, scientific, and governance issues affecting Antarctica.
  • Agenda includes strategic planning for sustainable management, policy, legal and institutional operations, biodiversity prospecting, climate change impacts, tourism framework, and awareness promotion.

Antarctic Treaty  

  • The Antarctic Treaty was signed in 1959 in Washington, D.C., by 12 countries and came into force in 1961. At present, 56 countries have signed the Antarctic Treaty,
  • The Antarctic Treaty made Antarctica a non-military Zone. It was declared a zone of peace dedicated to peaceful purposes, scientific cooperation, and environmental protection. 
  • The Committee for Environmental Protection was established under the Protocol on Environmental Protection to the Antarctic Treaty (the Madrid Protocol) in 1991. The Committee for Environmental Protection advises the Antarctic Treaty Consultative Meeting on environmental protection and conservation in Antarctica.
  • The permanent secretariat of the Antarctic Treaty is in Buenos Aires, Argentina.

India And Antarctica

  • India signed the Antarctic Treaty in 1983. Indiaenacted the Antarctic Act in 2022. 
  • India started its scientific expedition to Antarctica in 1981 to carry out research in the area.
  • The government of India established the first Antarctic research stationDakshin Gangotri, in 1983 to facilitate research expeditions in the area.
  • At present, India operates two research stations: Maitri (1989) and Bharati (2012). 

National Centre for Polar and Ocean Research (NCPOR) :

  • The National Centre for Polar and Ocean Research is the nodal body for conducting research in the polar regions (the Arctic and Antarctic), the Himalayas, and the Southern Ocean. 
  • The Center is an autonomous institution under the Ministry of Earth Science, Government of India.
  • Headquarters: Vasco Da Gama, Goa.

Economy news:

Record GST Collections in April 2024:

  • Gross Goods and Services Tax (GST) collections reach an all-time high of ₹2.10 lakh crore.
  • Represents a notable 12.4% year-on-year growth driven by increased domestic transactions (up 13.4%) and imports (up 8.3%).
  • Net GST revenue, after refunds, stands at ₹1.92 lakh crore, reflecting an impressive 15.5% growth compared to the same period last year.

Banking news:

RBI Announces 8% Interest Rate on Floating Rate Bond 2034:

  • Reserve Bank of India (RBI) declared an 8% interest rate for Government of India Floating Rate Bond 2034 (GOI FRB 2034) for the period April 30, 2024, to October 29, 2024.
  • The coupon rate is determined based on the average Weighted Average Yield (WAY) of the last three auctions of 182-Day T-Bills, with an additional fixed spread of 0.98%.
  • Floating Rate Bonds (FRB) are securities with variable coupon rates reset at predetermined intervals, offering flexibility to investors.


  • Founded: 1 April 1935, Kolkata
  • Headquarters: mumabi
  • Governor: Shaktikanta Das, IAS

Award news:

Gina Justus Receives 2024 Cambridge Dedicated Teacher Award for MENA:

  • Gina Justus, an English High School teacher in Sharjah Girls Branch, UAE, wins the regional award for Middle East and North Africa (MENA) at the 2024 Cambridge Dedicated Teacher Awards.
  • Originally from Thiruvananthapuram, Kerala, Gina has been working in the UAE since 2005.
  • Recognized for her exceptional mentorship and dedication to charity, Justus stands out among a record-breaking 14,840 nominations from 141 countries in this year’s competition.

Appointment news:

Jio Financial Appoints Hitesh Kumar Sethia as MD and CEO for 3 Years:

  • Ministry of Corporate Affairs approves the appointment of Hitesh Kumar Sethia as managing director and chief executive officer of Jio Financial Services.
  • Appointment effective from November 15, 2023, and valid for three years.
  • Approval received on April 24, as per regulatory filing.
  • Sethia required to provide undertaking not to be involved in any selling agency of the company without prior approval of the central government.

The Ministry of Corporate Affairs: Rao Inderjit Singh (Minister of State)

Krishna Ella Assumes Presidency of Indian Vaccine Manufacturers Association:

  • Krishna Ella, co-founder and executive chairman of Bharat Biotech, appointed as the new president of the Indian Vaccine Manufacturers Association (IVMA) for a two-year term starting April 2024.
  • IVMA aims to ensure global access to life-saving immunizations, as stated by Krishna Ella.
  • Ella succeeds Adar C. Poonawala, who served as president from 2019 to March 2024.
  • Announcement made via press release from Bharat Biotech.

AMU Professor Mohammad Rihan Appointed Director General of NISE:

  • Aligarh Muslim University’s Prof. Mohammad Rihan, from the electrical engineering department, appointed as Director General of the National Institute of Solar Energy (NISE).
  • NISE is an autonomous body under the Ministry of New and Renewable Energy (MNRE).
  • Appointment endorsed by a selection committee consisting of subject matter experts and senior IAS officers after interviews conducted in December 2023.

Pakistan’s Foreign Minister Ishaq Dar Appointed Deputy Prime Minister:

  • Pakistan’s Foreign Minister Ishaq Dar, belonging to the PML-N party, appointed as deputy prime minister by Prime Minister Shehbaz Sharif.
  • The announcement made during both leaders’ visit to Saudi Arabia for the World Economic Forum.
  • Appointment made “with immediate effect and until further orders” as per notification by the Cabinet Division.


  • Capital: Islamabad
  • President: Asif Ali Zardari

Important days

International Labour Day: Origin and Significance:

  • Observed annually on May 1st, International Labour Day commemorates the contributions of the labour movement and working class.
  • Originated from a strike in Chicago on May 1, 1886, demanding an eight-hour workday and better conditions.
  • Haymarket incident on May 4, 1886, became a symbol of workers’ struggle, leading to the establishment of International Labour Day by the Second International in 1889.
  • Theme for International Labour Day 2024: “Ensuring workplace safety and health amidst climate change.”

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